Jeff Bingaman: “Mr. Murkowski wants to ban Iraqi oil imports. We have done this before. Libyan oil was banned. Iranian oil was banned.…”

“Mr. Murkowski wants to ban Iraqi oil imports. We have done this before. Libyan oil was banned. Iranian oil was banned. But oil is a commodity, and import bans make little difference in the global market. Unless all importers join the boycott, the oil will find a buyer. The main point is pretty clear: If Iraq is going to decide at the end of this 30 days to commence exports again, it will find a buyer for that oil. It will likely continue to sell at a discount in the world market. If we prohibit the importation of that oil into the United States, that is not going to hurt Saddam Hussein. That is not going to hurt Iraq. Iraq will find a buyer for that oil. We will be buying the oil we need from another source, but we will be buying on the world market just as we are today. As I say, I think there is less here than meets the eye as far as actually trying to impact or strike a blow against Saddam Hussein. I do not see that this amendment does that.”